The permit referred to in Section 716 of this Article, and required to be first obtained, shall be granted only to the owner of the real property in front of which any such automobile runway as provided for in this Article is to be constructed and maintained, upon the application of such owner or the authorized agent thereof, and such owner, or the successor of such owner in or the ownership of such property, shall be obligated, in case such automobile runway be discontinued in the use thereof, or abandoned as to such use, to restore to its former or original condition the portion of the street altered or changed in consequence of the construction of such automobile runway.